IREN jumps 16% after raising AI cloud revenue target above $4B
Summary
IREN shares jumped about 15.7% after the company raised its 2026 AI cloud annualized run-rate revenue target to more than $4 billion, backed by $2.8 billion in new multi-year contracts with AI developers. About 85% of the revised target is already under contract, with customers including Microsoft, Nvidia, Perplexity, and Figure AI. IREN said it plans to deliver 480 megawatts of AI cloud capacity in 2026, up from roughly 3 MW a year earlier, and aims for 1.2 gigawatts in 2027. Demand from hyperscalers, enterprises, and AI developers is still outpacing available capacity. Recent deals include prepayments covering about 45% of related GPU capex, easing funding needs. Other Bitcoin miners also gained, and the sector ETF WGMI rose 9.61%.
